Dublin, July 23, 2024 (GLOBE NEWSWIRE) -- The "France Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in the country is expected to grow by 28.9% on an annual basis to reach US$18.3 billion in 2024. The medium to long term growth story of the electric vehicle market in France remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 24.2% during 2024-2028. The electric vehicle market in the country will increase from US$14.2 billion in 2023 to reach US$43.4 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in France.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
There is a growing demand for electric vehicles in France. The initiatives undertaken by the government have been a major factor behind the rising preference for electric vehicles. However, due to limited production capacity, the government is now scaling back some of its initiatives. The French government, for instance, has the €100 a month electric car leasing scheme.
France, in February 2024, also announced a 20% subsidy cut for high-income electric and hybrid vehicle buyers. This is part of its strategy to prevent from overrunning its budget to boost the number of electric vehicles across the nation. Amid the high growth potential of the market, Chinese manufacturers are launching their product range in France. Overall, the publisher maintains a positive growth outlook for the industry over the next three to four years.
France-European-expansion-gains-pace
French government cuts subsidy scheme for high-income buyers while halting leasing scheme amid huge demand. France, in February 2024, announced a 20% subsidy cut for high-income electric and hybrid vehicle buyers. This is part of its strategy to prevent from overrunning its budget to boost the number of electric vehicles across the nation. The subsidy has been lowered from €5,000 to €4,000 for the 50% highest income car buyers. For lower-income consumers, the subsidy has been left untouched at €7,000.
France, like many other countries, has introduced several incentives to encourage the purchase of electric vehicles. However, it aims to stay within a €1.5 billion budget for these incentives, especially as it faces challenges in meeting its overall public spending targets.
The government, in February 2024, also halted the €100 a month electric car leasing scheme. The scheme was halted only six weeks after its launch, in December 2023, due to higher demand. Initially, there were plans to offer 25,000 European-made electric vehicles for lease at €100 per month. However, due to overwhelming demand, this number was doubled. By the end of January 2024, the government reported receiving over 90,000 applications. The French government is now planning to re-introduce the scheme for buyers in 2025.
Electric vehicle charging startups are raising capital to expand European network in 2024
Amid rising demand, several new electric vehicle startups have emerged over the last few years. These startups, focused on charging infrastructure, are now raising venture capital and private equity funding to expand their European network in 2024.
Electra, the Paris-based startup, announced that the firm had raised €304 million as part of its Series B round in January 2024. The firm is planning to deploy the capital towards the expansion of its charging stations in Europe. Dutch pension fund PGGM led the Series B round, which also included participation from Bpifrance. With the Series B round, the firm had raised a total of €600 million, since its inception three years ago.
Gireve, in June 2024, also announced that the firm had raised €20 million in a new investment round. The French firm, specializing in electric vehicle charging and decarbonization of transport, raised the funding from Partech's Impact Fund. Gireve operates in 35 countries, linking mobility stakeholders to charging stations and simplifying the process of EV charging globally. Its platform connects more than 500,000 charging points and facilitates over 100 million charging sessions annually.
Going forward, in 2024, the publisher expects more such innovative startups in the French market to raise funding rounds. This will further drive the competitive landscape in the charging infrastructure segment while supporting broader industry growth over the medium term.
Chinese firms are expanding their European presence with the launch of electric vehicles in France in 2024
The outlook for the electric vehicle industry remains promising over the next few years in France. With demand growing, global firms are expanding their presence in the market, to accelerate growth and achieve incremental revenue.
Xpeng, one of the leading China-based electric vehicle manufacturers, announced its foray into the French market in May 2024. France, notably, is the tenth market for Xpeng in Europe. In France, the firm is marketing the G9 and the G6 premium battery-powered mid-size SUV models. The firm revealed that it will work with car distributors to set up sales channels and service networks in France, which will be followed by exports of the electric vehicles. Xpeng announced that it will launch more models in France, with a major focus on the SUV segment.
Going forward, in 2024, the publisher expects more Chinese electric vehicle makers to expand their presence in France. This will aid the competitive landscape while also supporting the industry's growth over the next three to four years.
Scope
France Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
France Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
France Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
France Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
France Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
France Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
France Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
France Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
France Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
France Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
France Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
France Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
France Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
France Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
France Electric Vehicle Infrastructure Market Value
France Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
France Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
France Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
France Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
France Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
France Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
France Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
France Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
France Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
France Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
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